Leasing companies are engaged in the service of leasing out fixed assets to their clients also known as the leasee.
One of the major business challenges facing is having an accurate and reliable accounting software to track leasing activities – finance or operating lease.
Here are tips on how QuickBooks can record lease transactions effectively:
Equipment Lease: If you lease an asset to a client on finance or operating arrangement for future cash inflow as interest income within a specified period, you can set the fixed asset up as an item in QuickBooks which assigned to a leasing income.
We are assuming that you run a finance lease agreement where the lessee is responsible for all expenses incurred in the course of utilizing the asset.
For complete tips and enquiry on how can set your leasing company up in QuickBooks, CONNECT with us on 09092942048, 08175420054 or SEND us your request: info@magnetgroupng.com
